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Global Market Insights, Inc. has added a new report on Carotenoids Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.
Global Carotenoids Market size was valued at over USD 200 million in 2015 and is anticipated to witness over 4% CAGR up to 2024. Increasing prevalence of cancer, obesity, and diabetes has triggered a paradigm shift towards the use of carotenoids owing to its nutraceutical benefits against the treatment of such diseases. Positive application outlook across various end-use industries such as food & beverage, pharmaceutical, cosmetics, animal feed, and dietary supplements will drive the market share. Further, government initiatives to promote a healthy diet to reduce the adverse effects of diseases caused due to obesity will promote industry expansion.
Shifting consumer preference for ingredients that support health functions such as bone density and immunity will provide new avenues for product penetration. Increasing demand for antioxidants, micronutrients, and vitamins will fuel the product adoption across myriad end-use sectors.
Rising consumer awareness about health benefits from the carotenoid intake is likely to drive market demand. Increase the prevalence of lifestyle and early age problems in the present generation is encouraging customers to consume naturally derived food ingredients. Moreover, the market also stands to benefit from the advancements of biotechnological processes that aid the industrial production of natural carotenoids.
Increasing demand for animal protein and dairy products will support carotenoid market growth for the forecast period. As per FAO, animal meat production is projected to surpass 376 million tons by 2030. Carotenoids are incorporated in animal feeds to enhance the color of broiler skin, fish, egg yolks and crustaceans as poultry, fish, and shrimp. Also, the ability of carotenoids to improve fertility and support healthy body functions will further increase its penetration across animal feed segment.
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Carotenoids Market is fragmented in nature due to the presence of international and regional players. Key industry players include BASF, DSM, Chr. Hansen, FMC Corporation, Dohler Group, Lycored, Kemin Industries, Inc, and Cyanotech Corporation. Other prominent players in the market include Divis Laboratories, Allied Biotech Corporation, D.D. Williamson & Co., Inc, and Naturex. New product development, R&D investment, mergers & acquisitions, portfolio expansion, and strategic collaborations are among the key strategies adopted by the industry participants for elevating their market share. For instance, in July 2011, DSM announced the acquisition of Vitatene SAU intending to expand its market share in the natural carotenoid segment.
Carotenoids Market is driven by strong R&D investment and new product developments. This has prompted research towards microbial generation as a means of obtaining a better yield. Expansion of production facilities and product innovations are boosting overall industry growth. Technological advancements in synthetic engineering will support market growth as it can reduce the production cost of synthetically derived products. Carotenoids not only act as a vital precursor to amino acids but also has antioxidant and colouring properties thereby driving product demand. Also, expansion of various end-use industries including food & beverage, pharmaceutical, cosmetics, dietary supplement, and animal feed will further boost overall industry share.
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Asia Pacific is expected to witness the growth of more than 4.5% by 2024. Increasing prevalence of chronic disease and rising awareness regarding benefits of carotenoids will foster the market size. Changing climatic scenario owing to global warming will drive cosmetic application growth. The surge in the consumption of animal meat and dairy products will further provide a positive outlook for segment growth. Also, favourable policies regarding synthetically derived products will further influence regional growth for the forecast period.
Europe accounted for over 40% market share in 2015. Presence of key manufacturers of cosmetic products such as Loreal, Unilever, Henkel, and Beiersdorf is anticipated to support segment growth. Extensive R&D investment for new product development will further fuel market expansion in this region. For instance, BASF launched the next generation of carotenoid formulations Lucantin NXT in the European Union. Also, increasing demand for health supplements among the geriatric population will promote business expansion.
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